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Allegheny Technologies (ATI) Gains As Market Dips: What You Should Know
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Allegheny Technologies (ATI - Free Report) closed at $28.49 in the latest trading session, marking a +0.04% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.67%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, lost 0.22%.
Coming into today, shares of the maker of steel and specialty metals had lost 5.98% in the past month. In that same time, the Basic Materials sector lost 1.68%, while the S&P 500 lost 3.76%.
Wall Street will be looking for positivity from Allegheny Technologies as it approaches its next earnings report date. This is expected to be November 2, 2022. In that report, analysts expect Allegheny Technologies to post earnings of $0.53 per share. This would mark year-over-year growth of 960%. Our most recent consensus estimate is calling for quarterly revenue of $922.44 million, up 27.11% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.05 per share and revenue of $3.65 billion, which would represent changes of +1476.92% and +30.24%, respectively, from the prior year.
Any recent changes to analyst estimates for Allegheny Technologies should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.36% higher. Allegheny Technologies is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Allegheny Technologies is currently trading at a Forward P/E ratio of 13.91. Its industry sports an average Forward P/E of 11.96, so we one might conclude that Allegheny Technologies is trading at a premium comparatively.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 90, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Allegheny Technologies (ATI) Gains As Market Dips: What You Should Know
Allegheny Technologies (ATI - Free Report) closed at $28.49 in the latest trading session, marking a +0.04% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.67%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, lost 0.22%.
Coming into today, shares of the maker of steel and specialty metals had lost 5.98% in the past month. In that same time, the Basic Materials sector lost 1.68%, while the S&P 500 lost 3.76%.
Wall Street will be looking for positivity from Allegheny Technologies as it approaches its next earnings report date. This is expected to be November 2, 2022. In that report, analysts expect Allegheny Technologies to post earnings of $0.53 per share. This would mark year-over-year growth of 960%. Our most recent consensus estimate is calling for quarterly revenue of $922.44 million, up 27.11% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.05 per share and revenue of $3.65 billion, which would represent changes of +1476.92% and +30.24%, respectively, from the prior year.
Any recent changes to analyst estimates for Allegheny Technologies should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.36% higher. Allegheny Technologies is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Allegheny Technologies is currently trading at a Forward P/E ratio of 13.91. Its industry sports an average Forward P/E of 11.96, so we one might conclude that Allegheny Technologies is trading at a premium comparatively.
The Steel - Speciality industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 90, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.